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Structural Model of the Influence of Corporate Fundamental Factors on Market Value: A SEM-PLS Approach on LQ45 Companies Sadikin, Taufik
Almana : Jurnal Manajemen dan Bisnis Vol 9 No 2 (2025): August
Publisher : Bandung: Prodi Manajemen FE Universitas Langlangbuana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36555/almana.v9i2.2898

Abstract

Market value reflects investor perceptions of a firm’s financial condition and future prospects. However, in emerging markets like Indonesia, discrepancies often occur between strong financial fundamentals and actual market valuation. This study aims to develop a structural model that analyzes the influence of fundamental financial factors on market value, with Return on Assets (ROA) as a mediating variable. The research was conducted on 15 companies, consisting of both non-financial and banking firms, consistently listed in the LQ45 Index during the 2021–2023 period. Secondary data were collected from audited financial statements and analyzed using a quantitative approach through Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results indicate that CAPEX, DER, FATA, SIZE, and WCTO simultaneously affect ROA with an R² value of 0.577. Partially, CAPEX has a significant positive effect, while SIZE and WCTO show significant negative effects on ROA. DER and FATA are not statistically significant. Furthermore, ROA positively affects PBV; however, it only explains 2.2% of the variance (R² = 0.022). These findings suggest that market value is not solely driven by internal performance, highlighting the importance of incorporating external and qualitative factors in future valuation models.
The Impact Of Digital Sop Implementation On Transaction Process And Operational Efficiency: A Case Study Of Indomaret Stores In West Java Jaya, Adi Praptika; Sadikin, Taufik
YUME : Journal of Management Vol 9, No 2
Publisher : Pascasarjana STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/yume.v9i2.11424

Abstract

This study aims to analyze the effect of digital Standard Operating Procedure (SOP) implementation on transaction processes and operational efficiency at Indomaret stores in West Java. The research method employed an explanatory quantitative approach with a cross-sectional survey design involving 250 operational employee respondents from 45 stores. Data collection was conducted through closed questionnaires based on a 5-point Likert scale, with multiple regression analysis and Sobel mediation test. The results indicate that digital SOP has a positive and significant effect on transaction processes (β = 0.621; p < 0.001; R² = 0.386) and operational efficiency (β = 0.548; p < 0.001; R² = 0.312). Transaction process was proven to partially mediate the relationship between digital SOP and operational efficiency (Z = 4.12 > 1.96; R² = 0.497). These findings confirm that operational procedure digitalization is a determining factor in improving modern retail operational performance through transaction acceleration and resource optimization.Keywords: digital SOP, transaction process, operational efficiency, modern retail, Indomaret